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Directors Report of Hazoor Multi Projects Ltd.

Mar 31, 2015

Dear members,

The Directors have pleasure in presenting the 23rd Annual Report together with the Audited Accounts of the Company for the financial year ended 31st March, 2015.

THE STATE OF THE COMPANY'S AFFAIRS ARE AS UNDER:

I. FINANCIAL RESULTS:

The Highlights of the Standalone and Consolidated Financial Results of the Company are summarized as under:

(Rs in Lacs)

STANDALONE 2014-15 2013-14

Gross Revenue 18.93 29.49

Earnings Before Interest, Depreciation 4.80 19.26

&Amortisation & Taxes

Less: Interest and Finance Charges 0.15 0.45

Less: Depreciation 3.80 17.39

Profit before tax 0.84 1.42

Less: Tax Expenses / Differed Taxes (10.48) (4.37)

Profit after tax 11.32 5.79

Profit for the year 11.32 5.79

Paid Up Equity Share Capital 1,015 1,015

II. FINANCIAL PERFORMANCE:

During the year under review your company at Standalone level, reported Gross Revenue from operations which is stood at Rs.18.93 lakhs compared with Rs.29.49 lakhs in the Previous Year. The Operating Profit before tax stood at Rs.4.80 lakhs as against Rs.19.26 lakhs in the Previous Year. The Net Profit for the year stood at Rs.11.32 lakhs against Rs.5.79 lakhs reported in the Previous Year.

The Consolidated Gross Revenue from operations for FY 2015 was placed at Rs. 19.44 Lakhs (Previous Year: Rs. 29.49 Lakhs), registering a decline of 52 %. The Consolidated Operating Profit stood at Rs. 5.11 Lakhs Previous Year Rs. 19.26 Lakhs). The Consolidated Profit after tax stood at Rs. 11.54 lakhs (Previous Rs 5.79 lakhs).

III. TRANSFER TO RESERVES:

During the year under review, the Company do not proposes to transfer NIL amount to reserves.

DIVIDEND:

In order to conserve the resources of the company, the Directors do not recommend any dividend for the Financial Year 2014-15.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:

Since your Company and their subsidiary does not own any manufacturing facility, the requirement pertaining to disclosure of particulars relating to conservation of energy, research and development and technology absorption, as prescribed under the Companies (Disclosure of particulars in the report of Board of Directors) Rules 1988 are not applicable. The Foreign exchange earnings and expenditure of the Company during the year under review were Rs. NIL.

DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to Section 134(5) of the Companies Act, 2013, Directors confirm that -

a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

b) the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year end of the profit of the company for that period;

c) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

d) the directors had prepared the annual accounts on a going concern basis.

e) the directors, had laid down internal financial controls to be followed by the company and such internal financial controls are adequate and were operating effectively.

f) the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

CHANGE IN REGISTERED OFFICE:

During the year under review, the company's registered office was shifted From BlockNo.19, Yashwantrao Chauvhan Sankul, Near Nagarpalika Hospital, Lonavala, Dist.Pune- 410401 To 403, Kane Plaza, Mind Space, Off Link Road, Malad (West), Mumbai-400064 w.e.f. 10th May, 2015 for better administrative and economic control which will reduce overheads and enable the company to rationalize and streamline its operational efficiency.

EXTRACT OF ANNUAL RETURN:

The Extract of Annual Return in Form MGT-9 pursuant to Section 92(3) of the Companies Act, 2013 and Rule 12 of the Companies (Management and Administration) Rules, 2014 is attached as ANNEXURE-I to this Report.

NUMBER OF MEETINGS OF THE BOARD:

The Board of Directors has met seven times during the financial year 2014-15. Detailed information is given in the Corporate Governance Report.

A STATEMENT ON DECLARATION GIVEN BY INDEPENDENT DIRECTORS:

The Independent directors have submitted the Declaration of independence, as required pursuant to section 149(7) of the Companies Act, 2013 stating that they meet the criteria of independence as provided in sub-section (6).

NOMINATION AND REMUNERATION COMMITTEE:

The Company's policy on directors' appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a director and recommend to the Board a policy, relating to the remuneration for the directors, key managerial personnel and other employees has been attached as ANNEXURE-II to this report.

SECRETARIAL AUDIT REPORT:

The Board has appointed Ms. Monika Thanvi, Practising Company Secretary, to conduct Secretarial Audit for the financial year ended 31st March, 2015. The Secretarial Audit Report for the financial year ended 31st March, 2015 is annexed herewith marked as ANNEXURE-III to this report. The Secretarial Audit Report does not contain any qualification, reservation or adverse remark.

AUDITORS

M/s. G.R. Modi & Co., Chartered Accountants, Statutory Auditors of the Company having registration number FRN No.112617W hold the office from the conclusion of 22nd Annual General Meeting until the conclusion of the 25th Annual General Meeting and pursuant to Section 139 of the Companies Act, 2013; the Company hereby places the matter relating to such appointment for ratification by members at this annual general meeting. The Company has received a certificate from the statutory auditors to the effect that their re-appointment, if made, would be within the limits prescribed. The statutory auditors have also confirmed that they hold a valid certificate issued by the "Peer Review Board" of The Institute of Chartered Accountants of India.

There are no qualifications, reservations or adverse remarks or disclaimers made M/s. G.R. Modi & Co., Statutory Auditors, in their report.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statements.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES UNDER SECTION 188 (1) OF COMPANIES ACT, 2013:

There were no related party transactions (RPTs) entered into by the Company during the financial year, which attracted the provisions of section 188 of Companies Act, 2013. There being no 'material' related party transactions as defined under clause 49 of the Listing Agreement, there are no details to be disclosed in Form AOC-2 in that regard.

During the year 2014-15, pursuant to section 177 if the Companies Act, 2013 and clause 49 of the Listing Agreement, all RPTs were placed before Audit Committee for its prior/omnibus approval.

The policy on RPTs as approved by Board is uploaded on the Company's website www.hazoormultiproiect.com

RISK MANAGEMENT POLICY:

The Company has in place a mechanism to identify, assess, monitor and mitigate various risks to key business objectives. Major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continuing basis. These are discussed at the meetings of the Audit Committee and the Board of Directors of the Company.

The Company's internal control systems are commensurate with the nature of its business and the size and complexity of its operations. These are routinely tested and certified by Statutory as well as Internal Auditors.

CORPORATE SOCIAL RESPONSIBILITY:

The Company is not required to constitute a Corporate Social Responsibility Committee as it does not fall within purview of Section 135(1) of the Companies Act, 2013 and hence it is not required to formulate policy on corporate social responsibility.

ANNUAL EVALUATION OF PERFORMANCE OF BOARD:

The Chairman of the Board had one-on-one meetings with the Independent Directors and the Chairman of the Nomination and Remuneration Committee had one-on-one meetings with the Executive and Non-Executive Directors. These meetings were intended to obtain Directors' inputs on effectiveness of Board/Committee processes. The Board considered and discussed the inputs received from the Directors. Further, the Independent Directors at their meeting, reviewed the performance of Board, Chairman of the Board and of Non- Executive Directors.

DIRECTORS:

During the year under review, following changes took place in the composition of the Board of Directors of the Company:

Appointment/ Re-appointment/ Change in Designation of Director Appointment

During the year under review, the Board appointed Mr. Ashish Kankani as Additional Director with effect from 9th August, 2015. Further Board after approval of Shareholder in Annual General Meeting confirmed Mr. Ashish Kankani as Independent director to the Board.

Re-appointment

Mr. Vineet Garg, Director of the Company will retire by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment. The Board recommends his reappointment.

Change in Designation of Director

Mrs. Chanda V. Garg was co-opted as Additional Director on Board w.e.f. 31st March, 2015 and her term expires at the ensuing Annual General Meeting and being eligible, offers herself for reappointment. The Board recommends her appointment as a Director of the Company liable to retire by rotation.

KEY MANAGERIAL PERSONNEL:

Appointment/Resignation

During the year under review, Mr. Vineet Garg was appointed as a Chief Financial Officer(CFO) of the Company with effect from 31st March, 2015.

During the year under review, Mr. V.I. Garg was appointed as Managing Director with effect from 31st March, 2015 for a period of 5 years w.e.f 1st April, 2015 subject to approval of shareholder in the forthcoming AGM.

During the year under review Ms. Raina Shah has resigned from the post of Company Secretary & Compliance Officer w.e.f. 30th September, 2014.Her contribution to the organization and its success will always be appreciated.

Consequent to resignation of Ms. Raina Shah as Compliance Officer, Mr. Shrikant Bahera has been appointed as Compliance Officer of the Company with immediate effect from 30th September, 2014.Furhter Mr. Shrikant Bahera tendered his Resignation on 31st March, 2015 and his place Mr. Pradeep Vyas has been appointed as Company Secretary cum Compliance Officer.

Note: - 1. Mr. Pradeep Vyas was appointed as Company Secretary and Compliance Officer of the Company w.e.f. 1st April, 2015 and resigned w.e.f. 27thMay, 2015.

2. Mr. Ravi Shelke was appointed as Company Secretary and Compliance Officer of the Company w.e.f. 1st June, 2015.

SUBSIDIARY COMPANIES, JOINT VENTURE OR ASSOCIATE COMPANIES:

The Company has only one subsidiary Aambey Valley Mountains Private Limited (Formerly Known as Hazoor Aambey Valley Developers Pvt. Ltd.) was mainly engaged in the business of Real Estate. During the year under review, there are no companies which has become/ ceased to become a Subsidiary/ Joint Ventures/ Associate Companies.

The Report on the performance and financial position of each of the subsidiaries, associates and joint venture companies in Form AOC-1 pursuant to first proviso to sub-section (3) of Section 129 of the Companies Act, 2013 and Rule 5 of Companies (Accounts) Rules, 2014 is attached as ANNEXURE-V to this Report.

* Aambey Valley Mountains Private Limited ceased to be Subsidiary of the Company w.e.f 30th June, 2015.

DEPOSITS:

The Company has not accepted any deposits from the public within the meaning of Section 73 of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014.

ORDER PASSED BY REGULATOR OR COURTS OR TRIBUNALS:

There are no orders passed by the regulator or courts or tribunals against the Company impacting status as going concern on its operations.

INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL STATEMENTS:

The details pertaining to adequacy of internal financial controls with reference to the Financial Statements pursuant to Rule 8 (5) (viii) of the Companies (Accounts) Rules, 2014 are included in Management Discussion & Analysis, which forms part of this report.

AUDIT COMMITTEE:

The Audit Committee of the Board pursuant to Section 177(2) of the Companies Act, 2013and Rule 6 of the Companies (Meetings of Board and its Powers) Rules, 2014 consist of Three Directors. Out of which two directors are Independent Directors and constitutes majority.

POLICIES OF THE COMPANY:

Your Company has posted the following documents on its website www.hazoormultiproject.com:

1. Code of Conduct and Ethics

2. Whistle Blower Policy (Vigil Mechanism)

3. Related Party Transaction Policy

4. Familiarisation Programme for the benefit of the Independent Directors

5. Nomination and Remuneration Policy

Remuneration Name of of Director % increase in Director / /KMP for remuneration in KMP and Financial the Financial Sr.No. Designation Year 2014-15 Year 2014-15

V. I. Garg 1 (Managing Director) Nil Nil

Vineet Garg (Chief 2 Financial Officer & Nil Nil Executive Director)

Ashish Kankani 3 (Non-Executive, Independent Director) Nil Nil

Paresh Sampat 4 (Non-Executive Independent Director) Nil Nil

Deenbandhu Upasani (Non- 5 Executive Independent Director) Nil Nil

Mrs. Chanda Garg 6 (Non-Executive Director) Nil Nil

Ms. Raina Shah* (Company 7 Secretary & Compliance 18000 p.m Nil Officer)

Mr. Pradeep Vyas ** 8 (Company Secretary & 25000 p.m Nil Compliance Officer)

Mr. Ravi Shelke# (Company 9 Secretary & Compliance Officer) 30000 p.m Nil



Sr.No. Name of Director/ Ratio of KMP and Designation Remuneration to Comparison of the each Director/ to Remuneration of median the KMP against remuneration of the performance of employees the Company

1 V.I Garg (Managing Nil Director)

2 Vineet Garg (Chief Nil Financial Officer & Executive Director

3 Ashish Kankani (Non- Nil Executive Independent Director)

4 Paresh Sampat (Non- Nil Executive, Independent Director

5 Deenbandhu Upasani Nil (Non- Executive Independent Director)

6 Mrs. Chanda Garg (Non- Nil Executive Director)

7 Ms. Raina Shah* Nil Profit Before Tax (Company Secretary & decreased by 41 % Compliance Officer) and Profit After Tax increased by 96 % in Standalone Financial Year 2014-15 &

8 Mr. Pradeep Vyas** Nil Profit Before Tax (Company Secretary & decreased by 19 % Compliance Officer) and Profit After Tax increased by 99 % in 9. Mr. Ravi Shelke# Nil Consolidated Financial (Company Secretary & Year 2014-15 Compliance Officer)

*: Raina Shah, Company Secretary of the Company has been resigned w.e.f. 30.09.2014.

**: Mr. Pradeep Vyas was appointed as Company Secretary from 1.04.2015 and resigned on 27.05.2015.

#: Ravi Shelke, Company Secretary of the Company has been appointed w.e.f. 01.06.2015.

ii) The median remuneration of employees of the Company during the financial year was Rs. 0.87 lakh.

iii) In the financial year, there was an decrease of 34% in the median remuneration of employees;

iv) There were 5 permanent employees on the rolls of Company as on March 31, 2015;

v) Relationship between average decrease in remuneration and company performance:- The Profit before Tax for the financial year ended March 31, 2015 decreased by 41% whereas the decrease in median remuneration was 34%. The average decrease in median remuneration was in line with the performance of the Company.

vi) Comparison of Remuneration of the Key Managerial Personnel(s) against the performance of the Company:

The total remuneration of Key Managerial Personnel increased by 84% from Rs. 0.29 Lakhs in 2013-14 to Rs. 1.84 Lakhs in 2014-15 whereas the Profit before Tax decreased by 41% to 0.84 Lakhs in 2014-15 (Rs. 1.42 Lakhs in 2013-14).

vii) a) Variations in the market capitalisation of the Company : The market capitalisation as on March 31, 2015 was Rs. 3.45 Crore (Rs. 1.12 Crore as on March 31, 2014)

b) Price Earnings ratio of the Company was 34 as at March 31, 2015 and was 44 as at March 31, 2014

c) Percent increase over/ decrease in the market quotations of the shares of the company as compared to the rate at which the company came out with the last public offer in the year-

The Company has not come out with an IPO, it was listed pursuant to the Scheme of Arrangement through the Hon'ble High Court for the State of Maharashtra Judicature at Bombay, its order dated 28/03/2002 under section 391 and 394of Companies Act, 1956.

viii) Average percentage decrease made in the salaries of employees other than the managerial personnel in the last 3 Financial year i.e. 2014-15 was 39.83 % whereas No increase or decrease in the managerial remuneration for the same 3 financial year.

ix) The key parameters for the variable component of remuneration availed by the directors are considered by the Board of Directors based on the recommendations of the Human Resources, Nomination and Remuneration Committee as per the Remuneration Policy for Directors, Key Managerial Personnel and other Employees.

x) The ratio of the remuneration of the highest paid director to that of the employees who are not directors but receive remuneration in excess of the highest paid director during the year - Not Applicable; and

xi) It is hereby confirmed that the remuneration paid is as per the Remuneration Policy for Directors, Key Managerial Personnel and other Employees.

None of the employee has received remuneration exceeding the limit as stated in rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

ADEQUACY OF INTERNAL FINANCIAL CONTROLS

Internal financial controls with reference to the financial statements were adequate and operating effectively

PRESENTATION OF FINANCIAL RESULTS

The financial results of the Company for the year ended 31st March, 2015 have been disclosed as per Schedule III to the Companies Act, 2013.

CONSOLIDATED FINANCIAL STATEMENT

The directors also present the audited consolidated financial statements incorporating the duly audited financial statements of the subsidiaries and joint venture and as prepared in compliance with the Companies Act, 2013, Accounting Standards and the Listing Agreement as prescribed by SEBI.

CORPORATE GOVERNANCE:

Pursuant to clause 49 of the Listing Agreement with stock exchanges, a separate section titled 'Corporate Governance' has been included in this Annual Report, alongwith Statutory Auditor's certificate on its compliance.

ACKNOWLEDGEMENT:

The Board place on record their appreciations of the whole hearted and sincere co-operation received by the Company during the year from the employees, customers/ clients, bankers and various Government authorities at all levels.

FOR AND ON BEHALF OF THE BOARD OF DIRECTORS

MR. V. I. GARG MR.PARESH SAMPAT MANAGING DIRECTOR NON EXECUTIVE CHAIRMAN (DIN NO. 00409946) (DIN NO. 00410185) DATE: 03rd August, 2015 PLACE: Mumbai


Mar 31, 2014

Dear Members,

The Directors have pleasure in presenting their Twenty Second Annual Report of the Company together with the Audited statement of Accounts for the year ended March 31, 2014.

Financial Highlights:

The Company''s financial performance, for the year ended March 31, 2014 is summarized below: (Rs in Lacs) STANDALONE CONSOLIDATED 2013-14 2012-13 2013-14 2012-13

Gross Revenue 29.49 25.01 29.49 26.32

Earning Before Interest, Taxes & 19.26 14.14 19.26 14.66 Depreciation

Less: Interest and Finance Charges 0.45 0.62 0.45 0.62

Less: Depreciation 17.39 17.39 17.39 17.39

Profit/(Loss) before tax 1.42 (3.87) 1.42 (3.35)

Less: Tax Expenses (4.37) (4.96) (4.37) (4.96)

Profit after tax 5.79 1.09 5.79 1.61

Share of Profit from Associates NIL NIL

Profit for the year 5.79 1.09 5.79 1.61

Paid Up Equity Share Capital 1,015.00 1,015.00 1,015.00 1,015.00

Operation

The Gross revenue of the Company for the financial year under review was Rs.29.49 Lacs against Rs. 25.01 Lacs for the previous financial year. The Earnings before Interest, Taxes and Depreciation (EBIDTA) was Rs.19.26 Lacs against Rs. 14.14 Lacs for the previous year. The profit before tax (after interest and depreciation) was Rs. 1.42 Lacs and profit after tax was Rs. 5.79 Lacs for the financial year as against loss of Rs. 3.87 Lacs and profit of Rs. 1.09 Lacs respectively for the previous year.

Dividend

In order to conserve resources for the future growth, your Directors have not recommended any dividend for the financial year ended March 31, 2014.

Changes In Share Capital

During the year, Company has not made any allotment of Equity or preference Shares. Change in Registered Office

During the year under review, the company''s registered office was shifted From Row House No.12, Sector No.5, Kumar City, Kalyani Nagar, Vadgaon, Sheri, Pune-411014 To BlockNo.19, Yashwantrao Chauvhan Sankul, Near Nagarpalika Hospital, Lonavala, Dist.Pune- 410401 w.e.f. 21st June, 2014.

The Company is engaged in business of Real Estate & Infrastructure Developments with corporate office located in city of Mumbai. All directors and senior Management team of the group is located in Mumbai. All the major operational activities related future Real Estate projects are proposed to be carried in the Mumbai city. Therefore, with a view to exercise better administrative and economic control which will reduce overheads and enable the company to rationalize and streamline its operational efficiency, the Board of Director considers it fit to shift the registered office of the Company from Lonavala in Pune District to the city of Mumbai State of Maharashtra, subject to shareholders approval in the forthcoming AGM.

Fixed Deposits

Your company has not invited or renewed deposits from the public/shareholders in accordance with Section 73 of the New Companies Act, 2013.

Company Secretary and Compliance Officer

During the year under review, pursuant to the provisions of Clause 30(b) of the listing agreement, Company have appointed Ms. Raina Shah as Company Secretary and Compliance Officer w.e.f. 28th February, 2014.

Employees

Since the Real Estate and infrastructure development activities was carried out by the subsidiary of the company, the staff strength of the Company comprises of few selected highly qualified and experienced professionals who are in charge of the administration and financial management of the company. Employee relations continue to be cordial.

During the year under review, there was no employee employed throughout the financial year who was in receipt of remuneration in excess of the limits prescribed under section 217 (2A) of the Companies Act, 1956, read with companies (Particulars of Employee) Rules, 1975.

Consolidated Financial Statement

Your Company has prepared Consolidated Financial Statements in accordance with the applicable Accounting Standards. The Consolidated Financial Statements reflect the results of the Company and that of its subsidiary. As required by Clause 32 of the Listing Agreement with Stock Exchanges, the Audited Consolidated Financial Statements together with the Independent Auditors'' Report thereon are annexed and form part of this Annual Report.

The Gross revenue of the Company for the financial year under review was Rs.29.49 Lacs against Rs. 26.32 Lacs for the previous financial year. The Earnings before Interest, Taxes and Depreciation (EBIDTA) was Rs.19.26 Lacs against Rs. 14.66 Lacs for the previous year. The profit before tax (after interest and depreciation) was Rs. 1.42 Lacs and profit after tax was Rs. 5.79 Lacs for the financial year as against loss of Rs. 3.35 Lacs and profit of Rs. 1.61 Lacs respectively for the previous year.

Subsidiaries

During the year under review, Aambey Valley Mountains Private Limited (Formerly Known as Hazoor Aambey Valley Developers Private Limited) (100%) subsidiary Company is non- material, non-listed subsidiary company as defined under Clause 49 of the Listing Agreement entered into with the Stock Exchanges.

During the year under review, Company has made divestment of holding in the subsidiary company (55%) Hazoor Township Developers Private Limited and it ceased to be the subsidiary of the Company w.e.f. 22nd March, 2014.

In terms of the provisions of Section 212 of the Companies Act, 1956, the Company was required to attach the Annual Reports of the Subsidiary Company and the related detailed information to the Balance Sheet of the Holding Company. However, the Ministry of Corporate Affairs vide their General Circular No. 2/2011 dated 8th February, 2011 read together with General Circular No. 3/2011 dated 21st February, 2011, granted general exemption to the companies under section 212(8) of the Companies Act, 1956 from the requirement to attach detailed financial statements of each subsidiary Company. Accordingly, the Annual Report does not contain the financial statements of the subsidiaries. The detailed financial statements and audit reports of the Subsidiary Company is available for inspection at the Registered Office of the Company and of the concerned subsidiary company. Upon written request from a Shareholder, your Company will arrange to send the financial statements of Subsidiary Companies to such Shareholder.

A statement pursuant to Section 212(1)(e) and 212(8) of the Companies Act, 1956, is annexed herewith.

Corporate Governance

Your Company is committed to high standards of the corporate ethics, professionalism and transparency. More than half of the Board is composed of independent directors and less than one-third of the directors are executive / wholetime. A separate section titled "Report on Corporate Governance" along with the Auditors'' Certificate on Corporate Governance as stipulated under Clause 49 of the Listing Agreement, is annexed hereto and forms a part of this report. A Certificate of the CEO of the Company in terms of sub-clause(v) of Clause 49 of Listing Agreement, inter alia, confirming the correctness of the financial statements, adequacy of the internal control measures and reporting of matters to the Audit Committee, is also annexed.

A certificate from the practicing Company Secretary confirming compliance with the conditions of the Clause 49 of the Listing Agreement(s) is also attached. The Company is in compliance with the requirements and disclosures that have to be made in this regard.

Management''s Discussion and Analysis Report

Management''s Discussion and Analysis Report for the year under review, is presented in a separate section forming part of the Annual Report.

General Shareholder''s Information

Detailed information in this regard is provided in this section ''General Shareholder Information'' forming part of this Annual Report.

Directors

Mr. Ashish Garg, Managing Director resigned w.e.f. 31.12.2013. The Board places on record its appreciation for his services accorded to your company.

During the year under review, Mr. Ashish Kankani was appointed as an Additional Director in the category of non-executive, independent director of the Company, in the meeting of the Board held on 09 August, 2014, to hold office upto the date of the ensuing Annual General Meeting (AGM) of the Company. Resolution for appointment of Mr. Ashish Kankani is put up for the approval of shareholders in the Notice of AGM.

Pursuant to the provisions of the Companies Act, 2013 which have been enacted with effect from 1 April 2014, Mr. Ashish Kankani if appointed at the forthcoming AGM shall be an ''independent director'' under the said Act for a period of 5 years with effect from the date of the AGM.

Details regarding Directors proposed to be appointed at the Annual General Meeting to be held on September 25, 2014, due to changes arising from the implementation of the Companies Act, 2013 are provided in the Explanatory statement of the Notice convening the Annual General Meeting.

In light of the provisions of the Companies Act, 2013, the information as required to be disclosed under clause 49 of the listing agreement in case of re-appointment of independent director is provided in the Notice of the forthcoming annual general meeting.

As per the provisions of the Companies Act, 2013, Independent Directors are required to be appointed for a term of five consecutive years and shall not be liable to retire by rotation. Accordingly, resolutions proposing appointment of Independent Directors form part of the Notice of the Annual General Meeting. All independent directors will retire at the ensuing Annual General Meeting and being eligible offer themselves for re-election.

Pursuant to section 149(4) of the Companies Act, 2013, every listed company is required to appoint at least one third of its directors as independent directors. The Board already has half of its directors in the category of independent directors in terms of the provisions of clause 49 of the listing agreement. The independent directors Mr. Paresh Sampat & Mr. Deenbandhu Upasani are retiring from directorship by rotation at the ensuing Annual General Meeting in terms of the provision of erstwhile Companies Act of 1956, and will be appointed / re-appointed for a term of 5 years and they are not liable to retire by rotation. The Board therefore, appointed the existing independent directors under clause 49 as ''independent directors'' pursuant to Companies Act, 2013, subject to approval of shareholders.

As required under the said Act and the Rules made thereunder, the same is now put up for approval of members at the ensuing annual general meeting. Necessary details have been annexed to the Notice of the meeting in terms of section 102(1) of the Companies Act, 2013.

The independent directors have submitted the declaration of independence, as required pursuant to section 149(7) of the Companies Act, 2013 stating that they meet the criteria of independence as provided in sub-section(6).

With the appointment of independent directors, the conditions specified in the Act and the Rules made thereunder as also under new clause 49 of the listing agreement stand complied.

Directors'' Responsibility Statement

The Directors confirm that:

1. in the preparation of annual accounts, the applicable accounting standards have been followed and that no material departures have been made from the same.

2. they have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent, so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profits of the Company for that period.

3. they have taken proper and sufficient care for maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities: and

4. they have prepared the annual accounts on a going concern basis.

5. Proper systems are in place to ensure compliance of all laws applicable to the Company. Auditors and Auditors'' Report

The terms of office of M/s. G. R. Modi & Co, Chartered Accountants, (Firm No. 112617W) Statutory Auditor of the Company will expire with the conclusion of forthcoming Annual General Meeting of the Company.

The Company has received necessary consent letter and the certificates from the Auditor regarding their eligibility under section 139 and section 141 of the Companies Act, 2013 for their appointment. Accordingly, the approval of the Shareholders for the appointment of M/s. G. R. Modi & Co, Chartered Accountants as Statutory Auditors of the Company to hold office from the conclusion of this AGM until the 25th AGM, subject to ratification by shareholders at each AGM to be held hereafter and to fix their remuneration for the year 2014-15. A resolution proposing appointment of M/s. G. R. Modi & Co as the Statutory Auditors of the Company pursuant to Section 139 of the Companies Act, 2013 forms part of the Notice. The Auditors'' Report to the members on the Accounts of the Company for the financial year ended March 31, 2014 does not contain any qualification.

Disclosure of Particulars with respect to Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo.

Since your Company and their associate does not own any manufacturing facility, the requirements pertaining to disclosure of particulars relating to conservation of energy, research and development and technology absorption, as prescribed under the companies (Disclosure of particulars in the report of Board of Directors) Rules 1988 are not applicable.

The foreign exchange earnings and expenditure of the Company during the year under review were Rs. NIL.

Green Initiatives

Electronic copies of the Annual Report 2014 and notice of the 22nd AGM are sent to all the members whose email address are registered with the Company /Depository Participant(s). For members who have not registered their email addresses, physical copies of the Annual Report 2014 and the notice of 22nd AGM are sent in the permitted mode. Members requiring physical copies can send a request to the Company Secretary.

The Company is providing e-voting facility to all members to enable them to cast their votes electronically on all resolutions set forth in Notice. The instructions for e-voting are provided in the Notice.

Acknowledgements:

The Board of directors places on record its sincere appreciation for the dedicated efforts put in by all employees, their commitment and contribution at all levels, in most difficult and challenging environment during the year. Your Directors would like to record their sincere appreciation for the support and co-operation that your Company received from business associate and other strategic partners of the company.

Your Directors wish to place on record their sincere appreciation and thanks for the valuable co- operation and support received from the Registrar of Companies, Maharashtra, Regional Director, Western Region, Ministry of Company Affairs, Company''s bankers, financial institutions, Regulatory Authorities, Stock Exchanges and shareholders at large and look forward to the same in greater measure in the coming years.

By Order of the Board

Paresh Sampat Non Executive Chairman Place: Pune (DIN- 00410185) Dated: 09th August, 2014


Mar 31, 2013

The Members of Hazoor Multi Projects Limited

The Directors have pleasure in presenting their Twenty First Annual Report of the :company together with the Audited statement of Accounts for the year ended March 31, 2013,

FINANCIAL RESULTS:

The salient features of the Company''s standalone and consolidated financial results for the year under review are as follows:

(Rs. In Lacs)

STANDALONE CONSOLIDATED

31.03.2013 31.63.2012 31.03.2013 31.03.2012

Income from Operations NIL NIL NIL 174.52

Other Income 25.01 0.45 26.32 3.53

Total Income 25.01 0.45 26.32 178.05

Profit/(Loss) (before Interest, 14.14 (20.14) 14.66 (0.65) depreciation and tax

Less: Interest and Finance 0.62 0.96 0.62 0.98 Charges

Less: Depreciation 17.39 17.39 17.39 17.39

Profit/(Loss) before tax (3.87} (38,50) (3,35) (19.02)

Less: Tax Expenses (4.96) 36.55 (4.96) 36.55

Profit /(Loss) after tax 1.09 (75.05) 1.61 (55.57)

Share of Profit from NIL NIL

Associates

Profit / (Loss) for the year 1.09 (75.05) 1.61 (55.57)

Paid Up Equity Share 1015.00 1015.00 1015.00 1015.00 Capital

APPROPRIATION:

In order to conserve resources for future growth, your Directors do not recommend any dividend for the year under review.

PERFORMANCE REVIEW:

During the year under renew, the total income of your company was higher at Rs.25.01 Lacs as against Rs.0.45 Lacs in the previous year. The company has made Standalone operating profit before interest, depreciation and tax of Rs. 14.14 lacs against operating loss of Rs.20.14 lacs in the previous year.

The consolidated revenue of the company was Rs.26.32 lacs as against Rs. 178.05 lacs in the previous year. The Consolidated Operating profit before interest, depreciation and tax is Rs. 14.66 lacs in the current year as against the operating loss of Rs.0.65 lacs in the previous year. The Consolidated Net profit was Rs.1.61 lacs as against loss of Rs. 55.57 lacs in the previous year.

CHANGES IN REGISTERED OFFICE:

The company''s registered office is shifted from Anandi, 68, TMV Colony Mukund Nagar, Off Pune-Satara Road,Pune-411037 to Row House No. 12, Sector No.5, Kumar City, Kalyani Nagar, Vadgaon Sheri, Pune- 411014 w.e.f. 14th June, 2013.

CHANGES IN SHARE CAPITAL:

During the year, Company has not made any allotment of Equity or preference Shares.

AUDITORS REPORT:

The observations made by the Auditors in their Report are Self Explanatory and need no further elaboration u/s 217(3) of the Companies Act, 1956.

CONSOLIDATED ACCOUNTS:

In accordance with Accounting Standard AS-21 & AS-27 prescribed by the Institute of Chartered Accountants of India, the Consolidated Accounts of the Company and its Subsidiaries and Joint Ventures along with Auditors Report thereon is annexed to this report.

FIXED DEPOSITS:

Your company has not invited or renewed deposits from the public/shareholders in accordance invite Section 58 A of the Companies Act, 1956.

MANAGEMENT DISCUSSION AND ANALYSIS (MD&A)

The details of the operations and future outlook of the Company are given in the MD& A as per Annexure I

CORPORATE GOVERNANCE:

Your Company attaches considerable significance to good Corporate Governance as an important step towards building investor confidence, improve investors'' protection and maximize long term shareholder value. Pursuant to Clause 49 of the Listing Agreements with the Stock Exchanges, a compliance report on Corporate Governance has been annexed hereto as Annexure II. A certificate from the practicing Company Secretary confirming compliance with the conditions of the Clause 49 of the Listing Agreement(s) is also attached.

The Company is in compliance with the requirements and disclosures that have to be made in this regard. The Auditors'' Certificate on compliance with Corporate Governance requirements by the Company forms part of the said report. In terms of sub-clause (v) of Clause 49 of the Listing Agreement, a certificate from CEO/CFO, inter alia, confirming the correctness of the financial statements, adequacy of internal control measures and reporting of matters to the Audit and Compliance Committee in terms of the said Clause, is also enclosed as a part of the said Report.

SUBSIDIARIES:

During the year under review, Hazoor Aambey Valley Developers Private Limited (100%) and Hazoor Township Developers Private Limited Subsidiary Companies are non- material, non-listed subsidiary companies as defined under Clause 49 of the Listing Agreement entered into with the Stock Exchanges. A statement pursuant to Section 212 of the Companies Act, 1956 relating to Subsidiary Companies is attached to the accounts.

Pursuant to the provision of Section 212(8) of the Companies Act, 1956, the Ministry of Corporate Affairs vide its General Circular No: 2/2011 dated 8th February, 2011 has granted general exemption from attaching the Balance Sheet, Profit & Loss Account, Report of the Board of Directors and the Report of the Auditors of the Subsidiary Companies with the Balance Sheet of the Company. A statement containing brief financial details of the company''s subsidiaries for the financial year ended March 31, 2013 is included in the Annual Report. Annual Accounts of the subsidiary companies and the related detailed information will be made available to the members for inspection at its registered office. The company shall furnish a copy of details of annual accounts of subsidiaries to any member on demand.

iv) that the Annual accounts have been prepared on a going concern basis.

AUDITORS:

M/s G. R. Modi & Co., the auditor of the company retires as statutory auditors at the conclusion of this Annual General Meeting and offers themselves for re-appointment. A certificate from them has been received to the effect that their re-appointment as statutory auditors, if made, would be within the limits prescribed u/s 224(1 B) of the Companies Act, 1956.

GENERAL SHAREHOLDER''S INFORMATION:

Detailed information in this regard is provided in this section *General Shareholder''

Information as Annexure III.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE I

EARNINGS & OUTGO:

Additional information required under provision of the Section 217 (1) (e) of the Companies Act, 1956, with the companies (Disclosure of particulars in the report of Board of Directors) Rules, 1988, regarding a). Conservation of Energy b). Technology Absorption is not applicable as the Company is not carrying out any manufacturing operations. There were no Foreign Exchange Earnings and outgo during the year. i

EMPLOYEES: ''

The professional pool of directors continue to be the biggest asset of the Company. Your Company aims at creating a corporate culture that respects people, develops and trains them to deliver high quality performance with growth opportunities. The Board of the Company comprises of highly qualified and experienced professionals from various faculties like Architecture, finance, legal, and management. Employee relations continue to be cordial During the year under review, there was no employee employed throughout the financial year who was in receipt of remuneration in excess of the limits prescribed under section 217 (2A) of the Companies Act, 1956, read with companies (Particulars of Employee) Rules, 1975.

GROUP:

Pursuant to an intimation from the promoters, the names of the promoters and entities comprising ''Group" as defined under the erstwhile Monopolies and restrictive Trade Practices (MRTP) Act, 1969 are disclosed in the Annual Report for the purpose of the erstwhile SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997.

CORPORATE SOCIAL RESPONSIBILITY INITIATIVES (CSR):

As a socially responsible organization, Hazoor Group has contributed not only to the economic well being of the communities it interacts ivith but has also enhanced their social well being. The Company has been sponsoring time and again, the spiritual discourses and meditation camps conducted by "Gurujee Rajendraji* an internationally acclaimed spiritual guru for the benefit of the community at large. The company also organizes poor feeding camps from time to time.

APPRECIATION:

Your Directors wish to place on record their sincere appreciation and thanks for the valuable co-operation and support received from the Registrar of Companies, Maharashtra, Regional Director, Western Region, Ministry of Company Affairs, Company''s Bankers, financial institutions, business associates, suppliers, consultants, customers, contractors and shareholders at large and look forward to the same in greater measure in the coming years. The Directors also leash to place on record their appreciation of the unstained efforts and contributions made by the Management Team and the employees of the Company at all levels.

For and on behalf of the Board

Place: Mumbai Paresh Sampat

Date: August 02, 2013 Non-Executive Chairman


Aug 31, 2009

The Directors have pleasure in presenting their Seventeenth Annual Report of the company together with the Audited Accounts for the year ended August 31st, 2009.

FINANCIAL RESULTS:

The salient features of the Companys standalone and consolidated financial results for the year under review are as follows:

(Rs. In Lacs) STANDALONE CONSOLIDATED 31.08.2009 31.08.2008 31.08.2009 31.08.2008 Income from Operations NIL 2060.90 NIL 1548.90 Other Income 136.15 58.85 57.34 58.85 Total Income 136.15 2,119.75 57.34 1,607.75 Profit / (Loss) (before Interest, (169.42) 503.37 (248.22) 248.16 depreciation and tax

Less: Interest and Finance Charges 0.16 14.49 0.16 14.49 Less: Depreciation 11.83 38.67 11.83 38.67 Profit/(Loss) before tax (181.40) 450.22 (260.21) 195.00 Less: Provision for tax NIL 43.76 NIL 43.76 Profit / (Loss) after tax (181.40) 406.46 (260.21) 151.24 Less: Exceptional item 1,070.61 NIL 1,070.61 NIL Less : Prior Period adjustments Nil 286.55 NIL 286.55 Share of Profit from Associates 10.29 11.97 Profit / (Loss) for the year (1,252.01) 119.91 (1,320.52) (123.33) Paid Up Equity Share Capital 1,015.00 1,001.00 1,015.00 1,001.00

PERFORMANCE REVIEW:

During the year under review, the total income of your company was lower at Rs.136.15 lacs as against Rs. 2,119.75 lacs in the previous year. The company has incurred Standalone operating loss before interest, depreciation and tax of Rs. 169.42 lacs as against operating profit of Rs. 503.37 lacs in the previous year. The impairment loss of Rs. 1070.61 lacs is charged to the profit and loss account as exceptional item in the current year and the Standalone net loss stood at Rs. 1252.01 lacs as against net profit of Rs. 119.91 lacs in the previous year.

The consolidated revenue of the company was lower at Rs. 57.34 lacs as against Rs. 1607.75 lacs in the previous year. The Consolidated Operating loss before interest, depreciation and tax is Rs. 248.22 lacs in the current year as against operating profit of Rs. 248.16 lacs in the previous year. The Consolidated Net loss was higher at Rs. 1320.52 lacs as against Rs. 123.33 lacs in the previous year after adjustment of impairment of loss of Rs. 1070.61 lacs in the current year.

APPROPRIATION:

NIL amounts (Previous year Rs. 12.00 lacs) are credited to General Reserves. In order to conserve resources for future growth, your Directors do not recommend any dividend for the year under review.

CHANGES IN SHARE CAPITAL:

During the year, Company has made an allotment of 3,50,000 Equity Shares of Rs.4/- at a premium of Rs 12/- each upon conversion of equivalent number of Share Warrants issued on preferential basis, and issue proceeds of Rs. 50.40 lacs have been deployed as per the objects of the issue.

During the year, Board had approved to extinguish 46, 25,000 share warrants and forfeited an amount of Rs. 74.00 Lacs as per terms and conditions of issue of share warrants, as warrant holders had not exercised their rights to convert warrants into shares within 18 months of the issue.

CHANGE IN REGISTERED OFFICE

The Company has shifted its Registered office from 215, 2nd Floor, Raheja Plaza, behind Fun Republic, Off Link Road, Andheri West, Mumbai 400 053 to 6/B Knox Plaza, Mindspace, Malad west, Mumbai 400 064 with effect from August 31, 2009.

AUDITORS REPORT:

The observations made by the Auditors in their Report are Self Explanatory and need no further elaboration u/s 217(3) of the Companies Act, 1956.

CONSOLIDATED ACCOUNTS:

In accordance with Accounting Standard AS-21, AS-23 & AS-27 prescribed by the Institute of Chartered Accountants of India, the Consolidated Accounts of the Company and its Subsidiaries, Associates and Joint Ventures along with Auditors Report thereon is annexed to this report.

FIXED DEPOSITS:

Your company has not invited or renewed deposits from the public/shareholders in accordance with Section 58 A of the Companies Act, 1956.

INFORMATION TECHNOLOGY:

The Company is planning to implement a comprehensive ERP package to better manage its systems and processes. This ERP will be implemented across the organization integrating the work of various departments, line function, improve management information systems and enable better management control of operations and activities.

MANAGEMENTS DISCUSSION AND ANALYSIS (MD&A)

The details of the operations and future outlook of the Company are given in the MD&A as per Annexure I

CORPORATE GOVERNANCE:

As required by the Clause 49 of the Listing Agreement(s) entered into with the Stock Exchange(s), a Compliance Report on Corporate Governance is attached as per Annexure II. A certificate from the Statutory Auditors of the Company, M/s. S.M.Shidhaye & Co. confirming compliance with the conditions of the Clause 49 of the Listing Agreement(s) is also attached.

Your Company attaches considerable significance to good Corporate Governance as an important step towards building investor confidence, improve investors protection and maximize long term shareholder value. Pursuant to Clause 49 of the Listing Agreements with the Stock Exchanges, a compliance report on Corporate Governance has been annexed hereto as Annexure II.

The Company is in compliance with the requirements and disclosures that have to be made in this regard. The Auditors Certificate on compliance with Corporate Governance requirements by the Company forms part of the said report. In terms of sub-clause (v) of Clause 49 of the Listing Agreement, a certificate from CEO/CFO, inter alia, confirming the correctness of the financial statements, adequacy of internal control measures and reporting of matters to the Audit and Compliance Committee in terms of the said Clause, is also enclosed as a part of the said Report.

SUBSIDIARIES:

During the year under review, Hazoor Aambey Valley Developers Private Limited and Hazoor Township Developers Private Limited Subsidiary Companies are non-material, non-listed subsidiary companies as denned under Clause 49 of the Listing Agreement entered into with the Stock Exchanges and they are wholly owned subsidiaries. A statement pursuant to Section 212 of the Companies Act, 1956 relating to Subsidiary Companies is attached to the accounts.

In terms of the application made to Central Government under Section 212(8) of the Companies Act, 1956, a copy of the Balance Sheet, Profit & Loss Account, Report of the Board of Directors and the Report of the Auditors of the Subsidiary Companies have not been attached with the Balance Sheet of the Company. Annual Accounts of the subsidiary companies and the related detailed information will be made available to the investors for inspection at its registered office.

ASSOCIATES:

The Company also operates its activities like Real Estate and Infrastructure development activities through its associates.

The revenues will accrue to the company from its associates by way of its share of profit which will be recognized at the year end as per principles and procedures for consolidation as laid out in the Accounting Standard-23 (AS-23) issued by the Institute of Chartered Accountants of India (ICAI)/ Company (Accounting Standards) Rules, 2006.

JOINT VENTURE:

The Management of the Company had formed Special Purpose Vehicles (SPV) in Joint Venture namely "Hazoor City Developers with Bansal Builders. The said Joint Venture has implemented Real Estate Residential Complex at Pune. The construction work of Residential Complex comprising of 11 storied Towers viz. HIGH LIFE at Pune, is at advance stage of completion and possession will be handed over on obtaining Building Completion Certificate (B.C.C.) from the corporation. This Revenue from J.V. Project will be recognized in the books of J.V. and it will be shown in the consolidated financial results in the forthcoming financial year of the company, in accordance with the principles and procedures set out in Accounting Standard AS-27 - Financial Reporting of Interest in Joint Ventures.

DIRECTORS:

As per the Articles of Association of the company, Mr. V.I.Garg and Mr. Vineet Garg who retire by rotation at this Annual General Meeting and being eligible offer themselves for re- appointment. The Board of Directors recommends their re-appointment. Profiles of these Directors, as required by Clause 49 of the Listing Agreements are given in the Section on Corporate Governance.

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to Section 217 (2AA) of the Companies Act 1956, it is hereby confirmed:

i) that in the preparation of the Annual accounts, the applicable accounting standards have been followed and there has been no material departure;

ii) that the selected accounting policies were applied consistently and the Directors made judgments and estimate that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company as at 31st August, 2009 and of the profit or loss of the company for the year ended on that day;

iii) that proper and sufficient care has been taken for the maintenance of the adequate accounting records in accordance with the provisions of the CompaniesAct, 1956, for safeguarding the assets of the company and or preventing and detecting fraud and other irregularities; and

iv) that the Annual accounts have been prepared on a going concern basis.

AUDITORS:

M/s S M Shidhaye & Co., Chartered Accountants were appointed as Statutory Auditors of the Company for the year ended August, 2009. The term of their appointment expires at the conclusion of this AGM. They expressed their inability to continue as Auditors.

In view of the above, the board of directors at its meeting held on 20th January, 2010, proposed the appointment of M/s Ajmera Ajmera & Associates, Chartered Accountants as the statutory auditor of the company in the place of the retiring statutory auditor M/s S. M. Shidhaye & Co., Chartered Accountants and further recommended subject to approval by members to appoint such qualified persons to audit the accounts of the company. The Company has duly received communication from proposed statutory auditor that there appointment if made shall be within the limits prescribed under section 224 of the companies act, 1956 (The Act) and they do not suffer any disqualifications as laid down in section 226 of the act.

GENERAL SHAREHOLDERS INFORMATION:

Detailed information in this regard is provided in this section General Shareholders Information as Annexure III.

SECRETARIAL COMPLIANCE REPORT:

As a reflection of your Companys commitment to transparency, the Board is pleased to enclose the Secretarial Compliance Report for the financial year 2008-2009 as a part of this Directors Report.

CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS 8b OUTGO:

Since your company does not own any manufacturing facility, the requirements pertaining to disclosure of particulars relating to conservation of energy, research and development and technology absorption, as prescribed under the Companies (Disclosure of particulars in the report of Board of Directors) Rules, 1988 are not applicable. There were no Foreign Exchange Earnings and outgo during the year.

EMPLOYEES:

Human resources continue to be the biggest asset of the Company. Your Company aims at creating a corporate culture that respects people, develops and trains them to deliver high quality performance and rewards talent and performance with growth opportunities. The staff strength of the Company comprises of few selected highly qualified and experienced professionals from various faculties like engineering, finance, legal, and management. Employee relations continue to be cordial.

During the year under review .there was no employee employed throughout the financial year who was in receipt of remuneration in excess of the limits prescribed under section 217 (2A) of the Companies Act, 1956, read with companies (Particulars of Employee) Rules, 1975.

CORPORATE SOCIAL RESPONSIBILITY INITIATIVES (CSR):

As a socially responsible organization, Hazoor Group has contributed not only to the economic well being of the communities it interacts with but has also enhanced their social well being. The Company has been sponsoring time and again, the spiritual discourses and meditation camps conducted by "Guru Rajendraji" an internationally acclaimed spiritual guru for the benefit of the community at large.

ACKNOWLEDGEMENT:

The Board of directors places on record its sincere appreciation for the dedicated efforts put in by all employees, their commitment and contribution at all levels, in most difficult and challenging environment during the year. Your Directors would like to record their sincere appreciation for the support and co-operation that your Company received from all the distributors, suppliers and business associates whom your company regards as partners in progress.

Your Directors wish to place on record their sincere appreciation and thanks for the valuable co-operation and support received from the Registrar of Companies, Maharashtra, Regional Director, Western Region, Ministry of Company Affairs, Companys bankers, financial institutions, and shareholders at large and look forward to the same in greater measure in the coming years.

For and on behalf of the Board Place: Mumbai V.I. Garg Date: 20th January, 2010 CEO, Director

 
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